Exemption under section 54f
This query is : Resolved
16 April 2016
Mr.A sold jewellery and made a long term capital gain of Rs 15 Lakh. He invested the entire sale proceeds in purchase of one resedential house of Rs 30 lakh. 15 lakh paid by him and 15 lakh paid by his son.
In this case, whether Mr.A will be eligible for claiming exemption of Long term capital gain on jewellery under section 54 F. As he has invested entire sale proceeds in Purchase of residential house. But purchased it jointly with his son. Whether purchasing it jointly will disqualify him for claiming exemption. As there is nothing written in section 54F that it should not be purchased jointly. Please advise if anyone knows?
In this case, whether Mr.A will be eligible for claiming exemption of Long term capital gain on jewellery under section 54 F. As he has invested entire sale proceeds in Purchase of residential house. But purchased it jointly with his son. Whether purchasing it jointly will disqualify him for claiming exemption. As there is nothing written in section 54F that it should not be purchased jointly. Please advise if anyone knows?
16 April 2016
It can be purchased jointly also and will be eligible to get exemption U/s 54F provided his name also appear in the Purchase Deed.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
